Minting Money

The Goldman Sachs Way

THE REMARKABLE THING ABOUT GOLDMAN SACHS Chief Executive Henry Paulson is not that he made $38 million last year, the most of any Wall Street chief. It's that he might have been underpaid.

Churlish as that sounds, consider Goldman's achievements on his watch, which began in mid-1998, a year before the storied investment firm came public. Through a bubble, bust and brutal bear market, revenues have soared 190%, to last year's $24.8 billion. Earnings have risen more than fourfold, to $5.6 billion, or $11.21 a share. And the...